Securities Litigation Attorney Accountability and Transparency Act

Summary

Securities Litigation Attorney Accountability and Transparency Act - Amends the Securities Exchange Act of 1934 and the Securities Act of 1933 to state that, in any private action in which the court enters a final judgment against plaintiff on the basis of a motion to dismiss, motion for summary judgment, or a trial on the merits, the court shall, upon defendant's motion, determine whether: (1) the position of the plaintiff was not substantially justified; (2) imposition of fees and expenses on the plaintiff's attorney would be just; and (3) the cost of such fees and expenses to the defendant is substantially burdensome or unjust. Requires the court to award the defendant reasonable fees and other expenses, and impose such fees and expenses on the plaintiff's attorney, if the court makes positive determinations in such a case. Places the burden of persuasion upon the defendant as to whether or not the position of the plaintiff was substantially justified. Requires plaintiff and plaintiff's attorney to provide sworn, signed certifications that identify any actual or promised payment by the attorney to the plaintiff, beyond the plaintiff's pro rata share of any recovery. Requires similar plaintiff and plaintiff's attorney certifications regarding: (1) legal representations; (2) contributions; and (3) conflicts of interest. Requires the court, in exercising discretion over the approval of lead counsel, to employ a competitive bidding process as one of the criteria (unless the court determines that such a process is not feasible). Instructs the Comptroller General to study and report to certain congressional committees on average hourly fees in securities class actions.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 14 February 2008

   Introduced

   Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

   Source: IntroReferral

2. 14 February 2008

   Introduced

   Referred to the Committee on Financial Services, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

   Source: IntroReferral

3. 14 February 2008

   Introduced

   Introduced in House

   Source: IntroReferral

4. 14 February 2008

   Introduced

   Introduced in House

   Source: IntroReferral

5. 17 March 2008

   Referred

   Referred to the Subcommittee on Courts, the Internet, and Intellectual Property.

   Source: Committee

6. 25 March 2008

   Referred

   Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 14 February 2008 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 14 February 2008

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 14 February 2008

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 14 February 2008

  Open at official source

Sponsors

• Jeb Hensarling · R · Sponsor
• ED ROYCE · R · Sponsor
• Rep. Cannon, Chris [R-UT-3] · R · Cosponsor
• SAM JOHNSON · R · Cosponsor
• Rep. Barrett, J. Gresham [R-SC-3] · R · Cosponsor
• Rep. Feeney, Tom [R-FL-24] · R · Cosponsor
• · hsba00 · Standing
• · hsju00 · Standing

Related records

• related to → Securities Litigation Attorney Accountability and Transparency Act
• related to ← Securities Litigation Attorney Accountability and Transparency Act